New York S 8720: Relates to making certain higher personal income tax rates permanent; repealer

Bill Text

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S08720 Summary:

BILL NOS08720 

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SAME ASNo Same As

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SPONSORGOUNARDES

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COSPNSR

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MLTSPNSR

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Amd §601, rpld §601 sub (a) ¶1 sub¶ (B) cl (ix), sub (b) ¶1 sub¶ (B) cl (ix), sub (c), ¶1 sub¶(B) cl (ix),
Tax L

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Makes certain higher personal income tax rates permanent.

Go to top S08720 Actions:

BILL NOS08720 

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01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS08720 Committee&nbspVotes:

Go to topS08720 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08720 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8720

 IN SENATE

 January 7, 2026
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to making certain higher
 personal income tax rates permanent; and to repeal certain provisions
 of such law relating thereto

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Clause (viii) of subparagraph (B) of paragraph 1 of subdi-
 2 vision (a) of section 601 of the tax law, as added by section 2 of part
 3 B of chapter 59 of the laws of 2025, is amended to read as follows:
 4 (viii) For taxable years beginning after two thousand twenty-six [and
 5 before two thousand thirty-three] the following rates shall apply:
 6 If the New York taxable income is: The tax is:
 7 Not over $17,150 3.80% of the New York taxable
 8 income
 9 Over $17,150 but not over $23,600 $652 plus 4.30% of excess over
 10 $17,150
 11 Over $23,600 but not over $27,900 $929 plus 5.05% of excess over
 12 $23,600
 13 Over $27,900 but not over $161,550 $1,146 plus 5.30% of excess over
 14 $27,900
 15 Over $161,550 but not over $323,200 $8,229 plus 5.80% of excess
 16 over $161,550
 17 Over $323,200 but not over $17,605 plus 6.85% of excess
 18 $2,155,350 over $323,200
 19 Over $2,155,350 but not over $143,107 plus 9.65% of excess
 20 $5,000,000 over $2,155,350
 21 Over $5,000,000 but not over $417,616 plus 10.30% of excess
 22 $25,000,000 over $5,000,000
 23 Over $25,000,000 $2,477,616 plus 10.90% of excess
 24 over $25,000,000

 25 § 2. Clause (ix) of subparagraph (B) of paragraph 1 of subdivision (a)
 26 of section 601 of the tax law is REPEALED.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14192-01-5

 S. 8720 2

 1 § 3. Clause (viii) of subparagraph (B) of paragraph 1 of subdivision
 2 (b) of section 601 of the tax law, as added by section 4 of part B of
 3 chapter 59 of the laws of 2025, is amended to read as follows:
 4 (viii) For taxable years beginning after two thousand twenty-six [and
 5 before two thousand thirty-three] the following rates shall apply:
 6 If the New York taxable income is: The tax is:
 7 Not over $12,800 3.80% of the New York taxable
 8 income
 9 Over $12,800 but not over $486 plus 4.30% of excess over
 10 $17,650 $12,800
 11 Over $17,650 but not over $695 plus 5.05% of excess over
 12 $20,900 $17,650
 13 Over $20,900 but not over $859 plus 5.30% of excess over
 14 $107,650 $20,900
 15 Over $107,650 but not over $5,457 plus 5.80% of excess
 16 $269,300 over $107,650
 17 Over $269,300 but not over $14,833 plus 6.85% of excess
 18 $1,616,450 over $269,300
 19 Over $1,616,450 but not over $107,113 plus 9.65% of excess
 20 $5,000,000 over $1,616,450
 21 Over $5,000,000 but not over $433,626 plus 10.30% of excess
 22 $25,000,000 over $5,000,000
 23 Over $25,000,000 $2,493,626 plus 10.90% of excess
 24 over $25,000,000

 25 § 4. Clause (ix) of subparagraph (B) of paragraph 1 of subdivision (b)
 26 of section 601 of the tax law is REPEALED.
 27 § 5. Clause (viii) of subparagraph (B) of paragraph 1 of subdivision
 28 (c) of section 601 of the tax law, as added by section 6 of part B of
 29 chapter 59 of the laws of 2025, is amended to read as follows:
 30 (viii) For taxable years beginning after two thousand twenty-six [and
 31 before two thousand thirty-three] the following rates shall apply:
 32 If the New York taxable income is: The tax is:
 33 Not over $8,500 3.80% of the New York taxable income
 34 Over $8,500 but not over $11,700 $323 plus